Core Viewpoint - The company has established a wholly-owned subsidiary, Shanghai Kabeiyi Robot Co., Ltd., with an investment of 100 million yuan to enhance its humanoid robot business and optimize its industry layout [1] Group 1: Company Investment and Structure - The company invested 100 million yuan to set up Shanghai Kabeiyi Robot Co., Ltd. [1] - The subsidiary has completed its business registration and received its business license from the Shanghai Minhang District Market Supervision Administration [1] Group 2: Strategic Goals - The establishment of the subsidiary aligns with the company's long-term strategic planning and future business development needs [1] - The new subsidiary will focus on the research, production, and sales of components for humanoid robots, which is expected to enhance the company's overall competitiveness [1]

Core Viewpoint - The company has established a wholly-owned subsidiary, Shanghai Kabeiyi Robot Co., Ltd., with an investment of 100 million yuan to enhance its humanoid robot business and optimize its industry layout [1] Group 1: Investment and Subsidiary Establishment - The company invested 100 million yuan to set up Shanghai Kabeiyi Robot Co., Ltd. [1] - The subsidiary has completed its business registration and received its business license from the Shanghai Minhang District Market Supervision Administration [1] Group 2: Strategic Importance - The establishment of Shanghai Kabeiyi Robot is aligned with the company's long-term strategic planning and future business development needs [1] - This investment is expected to integrate resource advantages and improve the company's existing industry layout and business structure [1] Group 3: Business Focus - Shanghai Kabeiyi Robot will operate independently and focus on the research, production, and sales of components for humanoid robots [1] - The subsidiary aims to lay a foundation for the company to increase its investment in humanoid robot business and promote its development [1]

证券代码：300863 证券简称：卡倍亿 公告编号：2025-087 宁波卡倍亿电气技术股份有限公司 关于对外投资设立全资子公司暨完成工商登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 宁波卡倍亿电气技术股份有限公司（以下简称"公司"）以自有资金10,000 万元投资设立全资子公司上海卡倍亿机器人有限公司（以下简称"上海卡倍 亿机器人"）。公司于今日收到上海市闵行区市场监督管理局颁发的《营业 执照》，上海卡倍亿机器人已完成工商注册登记手续。 一、对外投资概述 为加速公司关于人形机器人用零部件项目的研发进程和业务布局，公司 使用自有资金10,000万元投资设立全资子公司上海卡倍亿机器人有限公司。 根据《深圳证券交易所创业板股票上市规则》、《公司章程》和《对外投资 管理制度》等相关规定，本次投资事项无需提交董事会及股东会审议。本次 投资不构成关联交易，也不构成《上市公司重大资产重组管理办法》规定的 重大资产重组。 二、全资子公司工商基本信息 1、公司名称：上海卡倍亿机器人有限公司 7、经营范围：一般项目：技术服务、技术开发、技术咨询、技术交流、 技术转 ...

Core Insights - Shanghai Kabeiyi Robot Co., Ltd. has recently been established with a registered capital of 100 million yuan, focusing on the development and sales of intelligent robots, manufacturing of industrial robots, and development of artificial intelligence application software [1] Company Summary - The company is fully owned by Kabeiyi, indicating a strong commitment to its operations and strategic direction [1] - The establishment of Kabeiyi Robot Co., Ltd. reflects the growing trend and investment in the robotics and artificial intelligence sectors in China [1]

Market Overview - The automotive parts sector experienced a decline of 0.25% on November 3, with Tianpu Co. leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Top Performers - Wenke Jian (300816) saw a significant increase of 11.25%, closing at 43.82 with a trading volume of 64,000 shares and a turnover of 270 million [1] - Aerospace Science and Technology (000901) rose by 10.02%, closing at 20.98 with a trading volume of 1,025,900 shares and a turnover of 2.048 billion [1] - ST Meiceng (300237) increased by 7.79%, closing at 2.63 with a trading volume of 1,174,300 shares and a turnover of 300 million [1] Underperformers - Tianpu Co. (605255) led the decline with a drop of 8.44%, closing at 84.80 with a trading volume of 86,100 shares and a turnover of 739 million [2] - Shanzi Gaoke (000981) fell by 7.84%, closing at 3.76 with a trading volume of 13,574,200 shares and a turnover of 5.058 billion [2] - Mai Dian Electric Control (688667) decreased by 6.25%, closing at 63.28 with a trading volume of 14,200 shares and a turnover of 90.9519 million [2] Capital Flow - The automotive parts sector saw a net outflow of 46.7025 million from main funds, while speculative funds had a net inflow of 282 million, and retail investors experienced a net outflow of 235 million [2] - The capital flow for individual stocks in the automotive parts sector indicates varying levels of investor interest and activity [3]

Core Viewpoint - 卡倍亿 is a significant player in the domestic automotive cable sector, focusing on the research, production, and sales of automotive cables, with strong technical capabilities and market competitiveness [1] Group 1: Business Performance - In Q3 2025, 卡倍亿 reported revenue of 2.854 billion yuan, ranking 15th among 36 companies in the industry, with the industry leader, Yunsen Electronics, generating 45.844 billion yuan [2] - The net profit for the same period was 138 million yuan, also ranking 15th, while the top competitor, Yunsen Electronics, achieved a net profit of 1.363 billion yuan [2] - Year-on-year revenue growth was 11.1%, and net profit growth was 5.0% [5] Group 2: Financial Ratios - As of Q3 2025, 卡倍亿's debt-to-asset ratio was 65.55%, higher than the previous year's 64.16% and above the industry average of 44.11% [3] - The gross profit margin for Q3 2025 was 11.97%, down from 13.06% year-on-year and below the industry average of 19.46% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.33% to 12,100, while the average number of circulating A-shares held per shareholder increased by 3.44% to 15,000 [5] - Hong Kong Central Clearing Limited emerged as the sixth-largest circulating shareholder, holding 1.1715 million shares [5] Group 4: Management and Compensation - The chairman, Lin Guangyao, received a salary of 1.2095 million yuan in 2024, an increase of 48,400 yuan from 2023 [4]

Core Viewpoint - The company reported a steady revenue growth in Q3 2025, driven by the automotive cable business, despite pressure on gross margins from rising copper prices [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.854 billion yuan, representing a year-on-year increase of 11.1%. The net profit attributable to shareholders was 138 million yuan, up 5.0% year-on-year, while the net profit excluding non-recurring items was 132 million yuan, reflecting a 2.4% increase [1]. - In Q3 2025, the company reported a revenue of 1.024 billion yuan, with a quarter-on-quarter increase of 11.4% and a year-on-year increase of 8.2%. The net profit attributable to shareholders was 46 million yuan, showing a quarter-on-quarter increase of 13.3% and a year-on-year increase of 18.7%. The net profit excluding non-recurring items was 40 million yuan, with a quarter-on-quarter decrease of 1.4% and a year-on-year decrease of 8.2% [1]. Industry Trends - The automotive industry, as reported by the China Association of Automobile Manufacturers, saw a wholesale sales increase of 13% quarter-on-quarter and 7% year-on-year, reaching 7.52 million vehicles in Q3 2025. The company's automotive cable revenue grew in line with this industry trend [2]. - The company's gross margin in Q3 2025 decreased by 0.6 percentage points quarter-on-quarter and 0.4 percentage points year-on-year to 11.8%, primarily due to the high prices of copper, a key raw material [2]. Expense Management and Capital Expenditure - The company improved its expense ratios in Q3 2025, with sales, management, and R&D expense ratios at 0.4%, 1.7%, and 2.4%, respectively, showing year-on-year decreases of 0.1 percentage points, 0.3 percentage points, and 1.1 percentage points, as well as quarter-on-quarter decreases of 0.2 percentage points, 0.6 percentage points, and 0.2 percentage points [2]. - Capital expenditures reached a historical high of 340 million yuan in Q3 2025, driven by the company's efforts to expand production capacity domestically and internationally [2]. Strategic Initiatives - The company is advancing its layout in emerging businesses such as humanoid robot cables, high-frequency and high-speed cables, and low-altitude flying vehicle cables. It is enhancing its high-speed and high-frequency copper cable production capacity in Mexico to meet the demands of North American data centers, cloud computing, and 5G base stations [3]. - The company is increasing resource investment in the humanoid robot business, aiming for growth through both internal development and external collaboration [3]. Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, projecting net profits attributable to shareholders of 240 million yuan and 270 million yuan, respectively. The current stock price corresponds to P/E ratios of 39.7 and 34.7 for 2025 and 2026 [3]. - The target price has been raised by 10.5% to 52.75 yuan, reflecting P/E ratios of 42.1 and 36.8 for 2025 and 2026, indicating a potential upside of 5.9% from the current stock price [3].

Core Viewpoint - The stock of Kabeiyi Electric Technology Co., Ltd. has shown significant growth this year, with a year-to-date increase of 56.79%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Kabeiyi achieved a revenue of 2.854 billion yuan, representing a year-on-year growth of 11.11% [2]. - The net profit attributable to the parent company for the same period was 138 million yuan, reflecting a year-on-year increase of 5.01% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Kabeiyi was 12,100, a decrease of 3.33% from the previous period [2]. - The average number of circulating shares per shareholder increased by 3.44% to 15,003 shares [2]. - Kabeiyi has distributed a total of 150 million yuan in dividends since its A-share listing, with 114 million yuan distributed over the past three years [3]. Stock Market Activity - On October 28, Kabeiyi's stock price decreased by 2.25%, trading at 49.85 yuan per share, with a total market capitalization of 9.381 billion yuan [1]. - The stock experienced a net outflow of 2.4247 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Business Overview - Kabeiyi, established on March 5, 2004, and listed on August 24, 2020, specializes in the research, production, and sales of automotive cables [1]. - The company's revenue composition includes 83.53% from ordinary cables, 10.46% from new energy cables, 5.22% from other sources, and 0.79% from data cables [1]. - Kabeiyi operates within the automotive industry, specifically in the automotive parts and electronic systems sector, and is associated with concepts such as financing, NIO, Tesla, new energy vehicles, and Huawei automotive [1].

Core Insights - The report indicates that as of October 26, 2025, five institutional investors hold a total of 103 million shares of Kabeiyi (300863.SZ), representing 54.82% of the company's total share capital [1] - The institutional holding percentage has decreased by 0.26 percentage points compared to the previous quarter [1] - A total of 17 public funds were disclosed this period, with notable funds including Southern CSI 2000 ETF and GF Manufacturing Smart Selection Stock A [1] - One new foreign institution, Hong Kong Central Clearing Limited, was disclosed this quarter [1] Institutional Holdings - Five institutional investors collectively hold 103 million shares, accounting for 54.82% of Kabeiyi's total shares [1] - The institutional holding percentage has decreased by 0.26 percentage points from the last quarter [1] Public Funds - This quarter, 17 public funds were disclosed, including Southern CSI 2000 ETF and GF Manufacturing Smart Selection Stock A [1] Foreign Investment - One new foreign institution, Hong Kong Central Clearing Limited, has been disclosed this quarter [1]

Core Insights - The company reported a revenue of 2.854 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.11% [1] - The net profit attributable to shareholders for the same period was 138 million yuan, showing a year-on-year increase of 5.01% [1] - In the third quarter, the company achieved a revenue of 1.024 billion yuan, which is a year-on-year growth of 11.42% [1] - The net profit attributable to shareholders in the third quarter was 45.8 million yuan, reflecting a year-on-year increase of 13.27% [1]